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- 1 BYND stock price fell approximately 19% in September 2023.
- 2 Beyond Meat stock price hit a 52-week low in the previous session.
- 3 Beyond Meat Inc. stock price is in a strong downtrend.
Beyond Meat Inc. BYND stock price fell 19% in the current month and hit a new 52-week low at $9.41. It continued the downfall by forming lower low swings and eroded a big portion of its market capitalization.
Beyond Meat stock price broke down the crucial support of $10.00 which raised concern for its investors. However, it will be interesting to see whether the buyers are able to give the bounce in the coming sessions or not. It will decide the reliability of the breakdown.
BYND stock price is trading below the downward-sloping 50-day and 200-day EMA. It showcases that the BYND share price is in a downtrend.
On August 7, 2023, Beyond Meat Inc. released last quarter’s earnings. The company failed to meet the revenue estimates by 6.07%. Due to this, the stock price reacted negatively and collapsed 14% in a single day.
Later, gradually the selloff continued and eroded the completed gains generated in June and July. Currently, the BYND stock price is inside the bears’ grip and no signs of rebound are visible.
Will BYND Stock Price Regain $10 in October?
BYND stock price formed a highly bearish pattern and displayed the presence of sellers on the higher levels.
Any short-term bounce toward $12.00 and $13.00 may face difficulty in sustaining in the supply zone. Therefore, investors should wait for clear signs of reversal before creating any bullish positions.
Beyond Meat stock closed the previous session at $9.56 with an intraday decline of -3.04%. Recently, it broke the $10.00 level so sellers are highly active and continuing their dominance.
Till BYND share price is trading below $13.43, any minor bounce might get sold off. So, it’s better to avoid investing in BYND at current levels.
Beyond Meat Stock Price in Correction Phase
Beyond Meat stock price is in a correction phase and formed a bearish pattern on multiple time frames. However, the stock price looks oversold so a narrow range consolidation is required to halt the downfall.
Moreover, it has corrected a lot from its recent swing high so short sellers must be careful of a squeeze.
The MACD curve is below the zero line and sloping sideways indicating price might consolidate for some time. The RSI at 25 denotes highly oversold territory which increases the chances of a short squeeze.
Conclusion
Beyond Meat Inc. BYND stock price fell 19% in September and eroded a big portion of its market capitalization. The price pattern of the stock is highly bearish so the possibility of a sharp reversal remains low.
The analysis suggests that Beyond Meat stock price is oversold and will soon enter in a narrow-range consolidation.
Technical Levels
- Resistance levels: $12.00 and $13.43
- Support levels: $9.00 and $8.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
